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41 Mounds View Planning Commission April 16, 1997 Special Meeting Page 2 5. Consideration of Resolution No. 504-97 Regarding Modification to the Project Plan for the Mounds View Economic Development Project and Establishment of Tax Increment Financing District No. 4 (Redevelopment) Community Development Director Sheldon explained that this request was before the Planning Commission because of a State Law requirement. She continued by explaining that the City is proposing to form a new tax increment financing district called District No. 4 which would include the property where the Bel-Rae is located. She explained that the City has areas where money from tax increment financing can be spent and that the City has three districts in which tax increment finance district money is produced and this would be the fourth district. She indicated that the Planning Commission is being asked to determine whether or not the formation of this district and the addition of the income stream into the overall development plan for Mounds View is consistent with the Comprehensive Plan. She added that the reason for forming this district is to capture the increment created by V.B. Diggs and use that increment to help finance the community center project. She explained that part of the project will include V. B. Diggs, which is a private • business and that this business is expected to cause the property to increase in property value. It will continue to be a tax-paying entity but the rest of the project will not be since it is a public project. She informed the Commission that improvements that would be eligible for use of the tax increment include: construction of the parking lot, installation of utilities, and renovation of the building. She indicated that the Planning Commission may want to add a paragraph to the resolution that they find this modification consistent with the Comprehensive Plan as follows: "The creation of TIF District No. 4 would allow the development of a private business which would, in turn, produce revenues to assist in the installation of public improvements and renovation of a building intended for a community center for Mounds View The Mounds View Comprehensive Plan has divided the City into 12 planning districts and the proposed TIF District No. 4 is in District No. 1. The Comprehensive Plan envisions the creation of a city center where there will be a strong, vital identifying community focal point in this district. This district is intended to be a mixture of commercial; public; low, medium and high density residential and open space uses. The proposed project is consistent with this idea." She added that it is Staffs recommendation to adopt Resolution No. 504-97. Motion/Second: Brasaemle/Brooks to approve Resolution No. 504-97 as amended. Commissioner Brasaemle added that he thought this was a good idea for Mounds View. Commissioner Johnston inquired if there were 12 development districts in